TPG Growth to Acquire 40% Stake in One Network Bank from BDO

image002TPG Growth, the middle market and growth equity investment platform of TPG, is to buy a 40% stake in One Network Bank (ONB), a Davao-based rural bank subsidiary of BDO Unibank, Inc..

Based in Makati, Philippines, BDO is a full-service universal bank that provides a wide range of corporate and retail banking services, including traditional loan and deposit products as well as treasury, trust banking, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards, and credit card services.
The bank has a large distribution network in the Philippines, with more than 1,000 operating branches and over 3,000 ATMs nationwide, a branch in Hong Kong as well as 26 overseas remittance and representative offices in Asia, Europe, North America, and the Middle East.

The investment will allow ONB to expand and develop new products to cover the underserved market segments.

Following the transaction, which is still subject to closing conditions and regulatory approval, BDO will retain approximately 60% ownership in ONB.



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